Macroeconomics

1. [LPR] Authorized by the People's Bank of China, the National Interbank Funding Center announced that on August 20, 2026, the Loan Prime Rates (LPR) were: 3.00% for the 1-year tenor and 3.50% for the tenor of over five years. Both rates remained unchanged from the previous month and will remain in effect until the next scheduled release.

2. [Excavators] According to the China Construction Machinery Association, sales of excavators of all types totaled 19,521 units in July 2026, a year-on-year increase of 13.9%. Of this total, domestic sales reached 7,608 units (including 41 electric excavators), up 4.13% year-on-year, while exports totaled 11,913 units (including 62 electric excavators), up 21.2%. From January to July 2026, total excavator sales reached 171,841 units, a year-on-year increase of 24.8%. Domestic sales accounted for 86,633 units (including 227 electric excavators), up 18.8% year-on-year, and exports totaled 85,208 units (including 197 electric excavators), up 31.7%.

3. [US Treasuries] The US Department of the Treasury announced on August 19 that it would expand the scale of liquidity-support repurchase operations for long-term nominal coupon-bearing Treasury securities (specifically the 10-year and 20-year tenors). The cap for a single operation will be raised from the previous $2 billion to at least $4 billion. This adjustment takes effect on September 9 (local time) and will continue through the end of the current quarter (November 4, 2026).

4. [UK CPI] The UK's Consumer Price Index (CPI) rose by 2.9% year-on-year in July, up from 2.6% in June and marking the highest level since March of this year; rising energy bills were the primary driver. Core CPI inflation remained unchanged at 2.6% year-on-year, holding steady for the third consecutive month, while services sector inflation fell to 3.4% from 3.6% in June. 5. [Japan Imports/Exports] Japan's exports in July rose 23.2% year-on-year, exceeding the expected 20.1% and the previous figure of 19.3%; imports rose 27.8% year-on-year, exceeding the expected 25.1% and the previous figure of 25.4%.

Building Materials

1. [Recycled Kraft Linerboard] Jiangmen Mingxing Paper Industry: Due to the continuous rise in waste paper prices, the company is raising the price of its recycled kraft linerboard by 50 RMB/tonne, effective August 22, 2026.

2. [Wastepaper] On August 19, 2026, Henan Xinxiang Henry Paper Industry lowered its wastepaper procurement price by 30 RMB/tonne; the adjusted price for delivery to the factory (including standard VAT invoices) is 2,060 RMB/tonne.

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